The iconic project for the establishment of CPEC tower in Islamabad has still not received the appropriate approvals for the project to be initiated.
The Board of Investment (BoI) had moved a summary to the Cabinet Committee on China-Pakistan Economic Corridor (CCoCPEC), seeking approval for the establishment of “CPEC Business and Industrial Tower in Islamabad.” The meeting of the CCoCPEC was scheduled for October 8, 2021 but was later postponed.
The Capital Development Authority (CDA) had been requested by the BOI for identification of a suitable piece of land in Islamabad however, no suitable land for the project has been identified for the project so far.
In the 1st Joint Working Group (JWG) meeting on Industrial Cooperation (IC), the Pakistani side had proposed the construction of eight multi-storied CPEC towers in the ICT, all provincial/regional capitals as well as in Gwadar to provide potential Chinese investors and their Pakistani counterparts with adequate services and space, with a special focus on services sector.
While discussing the details for the constructions of CPEC towers it has been proposed that the cost of land, to the tune of Rs500 million for this project may be borne by the BOI from its own resources without seeking any additional budget grant, whereas, the cost of construction of the CPEC Business and Industrial Cooperation Tower may be borne by the Chinese counterpart or by a partner selected after international competitive bidding; and the project to be executed in public-private partnership mode.
The project will be initiated once it lands the required approvals from the CCoCPEC and suitable land is identified by CDA.
